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Monday, June 10, 2024
HomeCryptoBitcoin is getting ready for a breakout towards new ATH with news...

Bitcoin is getting ready for a breakout towards new ATH with news about Ripple, BNB, AI, Shiba Inu, LUNC, 1INCH, Bybit, OKX, Stepn, Bakkt

From the statement that Bitcoin is “very ready” for a breakout in search of new ATH levels to the African Development Bank (AfDB) and Intel, which have teamed up to equip 3 million Africans and 30,000 government officials Advanced artificial intelligence (AI) skills. Here are some outstanding news in the crypto market.

Bitcoin News

In a post on TradingView on June 7, analyst TradingShot highlighted a medium-term pattern that is consistent with Bitcoin’s long-term uptrend, but contradicts the short-term market euphoria of the past few days. recently.

According to TradingShot, key support for potential buying opportunities lies within the 50-day moving average (MA50) and the bottom of the green rectangle. This range is identified as the “buy zone” where investors can consider accumulating Bitcoin.

Experts point out that, since December 2022, Bitcoin has moved in a dominant “bullish channel” pattern. In this channel, the market experienced its first strong correction through a rectangular pattern, identified as the accumulation phase.

Bitcoin price analysis chart | Source: TradingShot

Bitcoin price found support during this period, forming a bottom and rebounding after briefly falling below the MA50 and close to the 100-day moving average (MA100).

TradingShot suggests that, if a similar accumulation phase occurs again, Bitcoin could now be rejected around $71,100, reminiscent of the price movement observed around July 12, 2023. The relative strength index (RSI) during these periods is exceptionally similar, suggesting potential buying opportunities.

It is worth noting that Bitcoin is going through a period of consolidation, with both bulls and bears scrambling to influence the asset in either direction. The key focus is whether Bitcoin can reclaim the $70,000 mark.

In the current context, in a post on X on June 7, trading expert Michaël van de Poppe admitted that Bitcoin is still stuck in a range. He noted that the current trading pattern means that the leading asset is “very ready” for a new breakout in search of new ATHs.

Bitcoin price analysis chart | Source: TradingView

The analyst added that, BTC has also rejected the $71,600 level and investors should expect a breakout in the coming week.

Ripple News

Ripple has partnered with Clear Junction, a global leader in cross-border payments solutions for regulated institutions, to enhance cross-border payments, allowing payments to be made in GBP and EUR Instantly and securely, with more currencies.

Ripple Payments provides faster, cheaper cross-border payments infrastructure, serving customers in more than 55 countries. Clear Junction, founded in 2016, offers multi-currency payment accounts and virtual IBANs, giving customers access to new markets and technologies.

Dima Kats, founder and CEO of Clear Junction, said: “Blockchain technology and cryptocurrency will certainly be at the core of the bank’s growth and the company looks forward to working with Ripple to Be a part of this process.”

BNB News

Binance Coin price broke out of an ascending triangle pattern on June 4.

However, the impulsive up move stalled after a 13% jump that resulted in a local top at $721.8. This lack of momentum could lead to a 7% retracement retesting the ascending triangle’s baseline around $635.2.

Depending on how BNB reacts to the said level, investors can make their own decisions. A rise above $635.2 will show that the buyers are actively engaged in the long term and are defending this key barrier. In such a case, BNB could begin its bullish journey, aiming for a forecast target of $775.50.

While BNB retests the $635.2 support level, the Relative Strength Index should also remain above the 50 midpoint. This development will further strengthen the bullish outlook and help Binance Coin move towards $775, 5.

BNB/USDT Chart – 1 Day | Source: TradingView

On the contrary, if the market outlook continues to deteriorate, it is difficult for BNB price to hold above the $635.2 support. A return to the ascending triangle setup will invalidate this pattern.

However, if BNB turns $596 into resistance, it will create a lower bottom and invalidate the bullish market structure. This could cause BNB to fall nearly 6% further and hit the $562.6 support level.

AI News

The African Development Bank (AfDB) and tech giant, Intel, have partnered to equip 3 million Africans and 30,000 government officials with advanced artificial intelligence (AI) skills .

According to declare on the AfDB website, the partnership aims to revolutionize the digital ecosystem in Africa.

The initiative aims to equip more Africans with skills in cutting-edge technology such as artificial intelligence, robotics and data science, which are crucial to driving economic growth. and productivity across Africa.

This partnership aims to train Africans in AI, allowing the continent to play a more active role in the development of the technology and contribute to the continued innovation of the field.

Shiba Inu News

Some industry participants believe that the next months will be quite successful for Shiba Inu with impressive growth.

User warning investors that the current price is “the last opportunity to buy SHIB before growth”.

The analyst described $0.000021 as key resistance, admitting to buying SHIB in early 2024 when the price was around $0.0000095. His investment increased by 165% due to the token’s price increase over the past few months.

CryptoYoddha is also optimistic, forecasting the price to rise to $0.000075 by the end of 2024 (a 200% increase from current valuation). The analyst thinks SHIB won’t be the only memecoin to thrive in the coming months, envisioning a bright future for Pepe (PEPE) and Dogecoin (DOGE).

LUNC News

Data shows that Binance burned about 1.3 billion LUNC tokens in a total of 3 transactions in June. This means that currently, the exchange has burned about $144,000 worth of LUNC tokens this month.

For an altcoin LUNC with a market value of $615 million, the number of tokens burned cannot affect the price much.

About half of the Terra Classic tokens burned to date came from Binance. The total value of LUNC tokens burned by this exchange to date is about 6.4 million USD, equivalent to about 1% of the project’s capitalization value.

1INCH News

1inch (1INCH) formed a bottom around mid-May and began to reverse. After increasing 52% in just 16 days, the token formed a local peak around $0.534 on May 31.

Due to strong resistance located at $0.501, this altcoin has entered a state of consolidation below the said barrier. As buyers failed to gain momentum and market conditions worsened, 1INCH fell 16% and now trades below the $0.451 support level.

The relative strength index (RSI) has slipped below the 50 average, suggesting bearish momentum is now in control. If the price fails to recover above $0.451, the possibility of an extended bearish move is high. In such a case, 1INCH could fall another 15% and touch the $0.38 support level.

1INCH/USDT – 12 hour chart | Source: TradingView

While the current outlook is mostly bearish, the market could turn bullish if Bitcoin (BTC) price sets a new weekly high above $72,000. This development could trigger a bullish move for altcoins, including 1INCH.

In this case, if the $0.501 support turns support, 1INCH will likely continue the 52% rally that began in mid-May, aiming to retest the 62% retracement around $0.564, about 13% away from $0.501. If momentum is strong then 1INCH could revisit the 70.5% retracement level at $0.597.

Bybit News

Bybit published its 11th proof of reserve report, accompanied by a snapshot on June 6.

Accordingly, users’ BTC assets decreased by 5.59% compared to May 8, users’ ETH assets increased by 30.52%, equivalent to 96,800 ETH, USDT assets decreased by 8.83%, when losing 235 million USDT.

Compared to the previous report, Bybit’s asset reserves had a net outflow of $283 million over the past month.

Source: Bybit

OKX News

According to Slowmist, two OKX accounts were affected steal this morning and the hacker created a new API Key with trading and withdrawal permissions.

None of the victims used Google Authenticator, but instead used SMS or email verification. Hackers have appropriated the mobile phone verification code to withdraw money.

Total damages were estimated at approximately $800,000.

Stepn News

According to Arkham, STEPN has unlock 79.203 million GMT at 12:28 today (Vietnam time), worth about 15.9 million USD.

All unlocked GMTs have been moved to multi-signature address 4/5: 0x2D…C406. According to past activity, it will continue to distribute unlocked tokens and some addresses will then move them to exchanges like Binance.

Bakkt News

A cryptocurrency marketplace backed by the owners of the New York Stock Exchange (NYSE) is reportedly considering a possible sale.

According to report According to Bloomberg, anonymous sources say that the crypto company, Bakkt, has been working with financial advisors to consider future options, including the possibility of a breakup or sale.

However, according to the report, no additional details or firm decisions have been made.

Bakkt, which first went public in 2021, recently announced a partnership with digital asset technology company Crossover Markets to provide support for the upcoming Electronic Communication Network (ECN), the platform supports asset trading outside of traditional exchanges.

Bakkt said its ECN, called BakktX, will be designed specifically for institutional investors.

You can see coin prices here.

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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